CBN governor blames economic troubles on wasteful politicians

The Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has blamed the nation's economic troubles on the poor leadership provided by political leaders who lacked the ability to lead the country to the promised land. He also reprimanded the National Assembly for contributing in no small way to the lack of visible development in Nigeria.

Mr. Sanusi said this over the weekend at the 8th convocation lecture of Igbinedion University, Okada, where he was the guest lecturer.

Speaking on the topic, ‘The Future of Nigeria's Economy', he said as long as a quarter of the nation's annual budget goes to the National Assembly as allowances and salaries, it will be difficult for the nation to achieve any meaningful development with the remaining 75 percent, in view of the numerous challenges facing the nation.

He noted that the major factors accounting for the relative decline of the country's economic fortunes are political instability, lack of focused and visionary leadership, economic mismanagement, and corruption. He said the prolonged period of military rule stifled economic and social progress, particularly in the three decades of 1970s to 1990s.

"During these years, resources were plundered, social values were debased, and unemployment rose astronomically with concomitant increase in crime rate. Living standards fell so low, to the extent that some of the best brains with the requisite skills to drive the developmental process left in droves to other nations, and are now making substantial contributions to the economic success of their host countries," he said.

He observed that due to Nigeria's poor infrastructural development, "90 percent of tomatoes produced get wasted between the farm and the market. We produce cassava than any other nation, but we have no [finished] cassava products. We produce crude oil, but we rely on imported fuel.

"Some of us specialised in exporting what we do not produce, but import what we can produce. We export democracy to Liberia by helping them to conduct free elections, but we cannot conduct free elections here," Mr. Sanusi said.

Protesting students Mr. Sanusi predicted that at the rate the country is going, Ghana's economy might overtake Nigeria's in the next 10 years, if nothing is done fast. He urged policy makers to pursue the right policies for the development of the country, saying that the only way forward is to stop complaining and do something.

Earlier, the vice chancellor of Igbinedion University, Eghosa Osaghae, said in view of the worldwide economic crisis, the school management decided to invite Mr. Sanusi, whom he described as a man of uncommon courage and determination, to deliver the lecture on the economy of the country.

The convocation witnessed the first graduation of a doctoral degree candidate from a private university in Nigeria. But the ceremony was itself almost marred by violent protest by some medical students of the institution.

Some of the students alleged that they have been in the school for between six and eight years, and are still paying school fees, whereas they were promised a six-year programme.

Mr. Sanusi helped to douse the initial tension, as he affirmed the students' right to protest, saying that he too engaged in protests during his four years in Ahmadu Bello University, Zaria.

Mr. Osaghae, who described students of the institution as generally well behaved, alleged that some people sponsored the protest to embarrass the university.

He stated that the problem started when the Medical and Dental Council of Nigeria, during their last inspection of medical programme of Nigerian universities, closed down some colleges of medicine and withdrew the accreditation of others, including that of Igbinedion University.

"It is regrettable that our accreditation was withdrawn, but we are not the only school affected in that hurricane", Mr. Osaghae said.

He said the school will do everything possible to get re-accredited, which he said is now in the final stage.

He should also inform us on how much Power(Generator, generator accessories, and fuel for government offices) drain from Nigeria's earnings?

But there is truth to his speech

seriously what bankole&mark+their cohorts are earning is outrageous. its a bankers salary for close to 50yrs that each one of the Nass members get per annum.
breakdown house of rep mem gets close to N10million a month(salaries+allowances)x12months x over 300 members.

senators each gets lets say 20mx12months x 109 senators. Thats too much. yet the same government claims they cant afford to pay an average worker N18k monthly but can pay over N10m to another

Somebody raised this same issue recently and Sanusi called the person an alarmist.

What changed?

No worry very soon you go become Minister of special duties.

Well, well, well.

Please, make it half of Nigerian's Earnings.
They truly deserve it.
Na today?
Politics is the only way to "Becomerich" in Africa.
No need for education really.

We should scrap off the House of Representatives whenever Nigeria decides to write a new constitution. Nigeria can not afford to operate a bi-cameral legislature. It just an avenue to squander the country's resources.

The U.S that we were blindly copying have a more better and affluent economy to operate an expensive 2 houses of Congress.

In Israel, all they have is just one chamber of lawmakers, and Nigeria is not doing better than them in good policy formulations.

excanny:

We should scrap off the House of Representatives whenever Nigeria decides to write a new constitution. Nigeria can not afford to operate a bi-cameral legislature. It just an avenue to squander the country's resources.

The U.S that we were blindly copying have a more better and affluent economy to operate an expensive 2 houses of Congress.

In Israel, all they have is just one chamber of lawmakers, and Nigeria is not doing better than them in good policy formulations.

Your first point (scrapping off house) is possible, especially since the majority of those men and women were not elected and are common criminals.

Your point about the US is wrong however. The bicameral stance in that country, as well as everything political, is followed by rule of law, and has the people's interest at stake.

Those who run for office in Nigeria could never run for office anywhere else, or rather, on the same conditions and inspections from the people found in serious countries.

These lawmakers are an embarrasment to this nation! What do they want to do with so much money for themselves when we are still struggling to pay N18000 per month!

David Mark and Bankole should find a way to get their colleagues to consider National Greatness as the product of Leadership discipline and vision.

If a US Senator gets $200,000, a Nigerian Senator should do well with $50,000.

Where is the logic for a Nigerian Senator to earn far more than the US president?

Haba!

Just 25% ? Mscheww we all know it's more dan dat now.